Frequently Asked Question

A joint demat account can only be opened offline, with a maximum of three account holders, including the primary account holder. To open a joint demat account, you need to submit the following documents:

Application form

To open a joint demat account with Upmove, follow these steps and submit the necessary documents:

Forms to Submit:

• Equity trading and demat account form (PDF).

• DDPI (optional) (PDF): If you choose to submit a DDPI, note that clients with online accounts can use the CDSL TPIN to authorize the debit of securities. For more details, refer to "How to generate the CDSL TPIN for CNC sell transactions?"

• KYC application form (PDF) for each account holder.

Supporting Documents:

• Passport-size photographs of all joint holders to attach to the application forms.

• Self-attested PAN copies for all joint holders.

• Self-attested address proof for all joint holders. Accepted address proofs include Aadhaar, driving license, passport, or voter ID. The correspondence address of the primary holder must be filled in the demat form, as all communications will be sent to the primary holder. If Aadhaar is used, it must be a masked Aadhaar. For guidance on downloading a masked Aadhaar, refer to "How to download masked Aadhaar?"

• Bank account proof in the primary holder’s name. Acceptable documents include:

• A personalized cancelled cheque with the name printed.

• A bank statement or passbook with the bank account number, MICR, IFSC code, and bank logo/seal clearly visible.

• Income proof for trading in F&O. Accepted proofs include:

• A bank statement with a logo and seal for the last six months, showing an average balance of over ₹10,000.

• The latest salary slip with a gross monthly income exceeding ₹15,000.

• ITR acknowledgment showing gross annual income over ₹1,20,000.

• Form 16 with gross annual income over ₹1,20,000.

• Certificate of net worth exceeding ₹10,00,000.

• Statement of demat holdings with current holdings worth over ₹10,000.

In-Person Verification (IPV):

• As part of the mandatory IPV, a webcam or physical verification is required for each account holder. Ensure the mobile number listed in the KYC form is used to complete IPV. If any issues arise with IPV, create a support ticket. For more details, refer to "What is In-Person Verification (IPV), and why is it required?"

Submission Process:

• After gathering all documents, email the soft copies to info@1fcode.com for review. Once reviewed, courier the original documents to: Upmove Financial Technologies Services 

501, B Wing 5th Floor, East Point, 90 Feet Road, 

Opp. Ganesh Mandir, Pant Nagar, Ghatkopar East, 

Mumbai - 400077, Maharashtra, India

Tel. No. 022 3538 6600

Account Opening Timeline:

• The joint demat account will generally be opened within 72 hours, provided the documents are correct.

Reasons for Opening a Joint Demat Account:

• To dematerialize jointly held physical shares.

• To transfer shares from one joint demat account to another with a different broker.

Additional Information:

• Tax liability: In a joint demat account, the tax liability on the P&L is attributed to the first holder.

• If a nominee is required, you can open an individual account and add a nominee online. Learn more at "How to add a nominee to the Upmove account online?"

• The names on the Upmove joint account may not match the names on the submitted documents because Upmove pulls names from the Income Tax Department (ITD). To learn how to update your name according to the documents, refer to "Why does the name on the Upmove account not match the name on the documents submitted?"

Need Help?

For assistance, contact Upmove account opening desk at 8655702385 or 8655702390, or create a support ticket.

For a full breakdown of the charges involved in trading and investing, visit our website